Look out notice against Bengal's Saradha group chief (Lead, correcting name)

Last Updated: Sat, Apr 20, 2013 17:10 hrs

Kolkata, April 20 (IANS) A look out notice was issued Saturday for Sudipto Sen, promoter of the chit fund-funded Saradha Group, and his property in West Bengal seized, police said. One director of the group company has been arrested.

"We have alerted all terminal points including airports and issued a look out notice for Sen so that he may not flee the country," said Arnab Ghosh, deputy commissioner Bidhannagar police commissionerate.

"We have seized the papers of all the properties of Sen and frozen his bank accounts. We have also arrested Manoj Kumar Nagel - a director of one of the group companies," added Ghosh.

The Saradha Group, which collected hundreds of crores of rupees from people in villages and small towns by promising huge returns, has allegedly shut shop after a series of allegations that it was defaulting on payment.

Over 1,000 agents of the Saradha Group Friday held a demonstration in front of Chief Minister Mamata Banerjee's house here, urging her to bail them out.

Many offices of the group were attacked across the state Saturday. There were incidents of clashes between the agents and the depositors.

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